fin review article, page-8

Hi Taboon, thanks for that info. After looking back over more recent announcements, I located this snippet (16/04/2012), which provides the following;

‘Flinders advises that it continues to act in accordance with the terms of the SIA and specifically that it has not received any alternate offers.’

I think that was the one I was thinking of, granted with so many announcements from FMS they do tend to merge mentally.

It may have not received any alternate offers during the negotiations within SIA timeframe (who knows at this point), however if we are now to believe the AFR article, it would suggest that there certainly were discussions regarding alternative bidders prior to agreeing to the terms with MMK.

The fact that bidding from alternative bidders petered out at 25c is fairly specific.

Therefor if we are to assume that FMS mgmt were actively engaging prospective suitors, it would stand to reason that my prior comments regarding proposing an open ended extension to negotiations with MMK after 30 June (and letting them foot the bill for their own court proceedings with Elena), however including stipulations allowing for active counter offers to be considered would seem the most reasonable alternative to the SIA in its current format.
As previously mentioned it would bring these alternative suitors out of the woodwork, allow FMS mgmt to save face by expediting a deal with a alternative bidder, and also forcing MMKs hand if in fact they are legitimate regarding closure of the deal. I would hope that any alterations to the MMK SIA would include these proposals, if so, it has been done specifically for counter offers (that mgmt know are coming, or wish to attempt re-negotiations with). Sure FMS will look like amateurs after all this is done and dusted, but it would now be in their best interest to do so. Everything thus far, including announcements have simply highlighted the fact that they were self-serving and guaranteed ongoing employment (and apparently blinded to the genuine intentions of MMK), at this point negotiations will now be steered genuinely towards the shareholders interest.

I suggest it will be the announcement still around 2nd or 3rd July that will give us some clarity.

25c to 30c still puts us in a reasonable position, and also allows hedge funds to come out on top, which I imagine will be standing over FMS board directing their signature hands!